How to achieve gender diversity in top management : A qualitative study of gender equal companies listed on the Swedish stock exchange

Alarming statistics provides that only 10,2 percentage of companies listed on the Swedish stock exchange has achieved gender equality in their top management. The fact is that women being discriminated, since men dominates these positions of power. The study is of a qualitative nature and aims to achieve a deeper understanding and knowledge contribution of how gender equal companies´ has achieved this gender diversity in their top management. Sweden's highest ranking business leaders has been interviewed in order to obtain their view, and the companies they represent, in order to get an answer to what the most important requirements has been in the achievement. The study's main result has shown that strong core values and corporate culture are basic and required condition for a successful gender equality strategy. A deliberate or emergent strategy can then be successfully implemented, and it is mainly the impact of structural barriers that determine which strategy a company uses. At a deliberate strategy, following measures are in additional to core values and corporate cultural crucial; commitment towards gender equality, a specific plan with clear objectives, and a conscious objective recruitment process. The result found aboute these two factors and three measures also identified a required specific order to follow in order to achieve gender diversity in top management. These findings, which in a near future, aims to contribute to a more gender equal Sweden.

Estimación del descarte y captura incidental en la pesquería industrial de cerco del stock norte-centro de la anchoveta peruana (Engraulis ringens)

Este estudio presenta la validación de las observaciones que realizó el programa de observación pesquera llamado Programa Bitácoras de Pesca (PBP) durante el periodo 2005 - 2011 en el área de distribución donde operan las embarcaciones industriales de cerco dedicadas a la pesca del stock norte-centro de la anchoveta peruana (Engraulis ringens). Además, durante ese mismo periodo y área de distribución, se estimó la magnitud del descarte por exceso de captura, descarte de juveniles y la captura incidental de dicha pesquera. Se observaron 3 768 viajes de un total de 302 859, representando un porcentaje de 1.2 %. Los datos del descarte por exceso de captura, descarte de juveniles y captura incidental registrados en los viajes observados, se caracterizaron por presentar un alta proporción de ceros. Para la validación de las observaciones, se realizó un estudio de simulación basado en la metodología de Monte Carlo usando un modelo de distribución binomial negativo. Esta permite inferir sobre el nivel de cobertura óptima y conocer si la información obtenida en el programa de observación es contable. De este análisis, se concluye que los niveles de observación actual se deberían incrementar hasta tener un nivel de cobertura de al menos el 10% del total de viajes que realicen en el año las embarcaciones industriales de cerco dedicadas a la pesca del stock norte-centro de la anchoveta peruana. La estimación del descarte por exceso de captura, descarte de juveniles y captura incidental se realizó mediante tres metodologías: Bootstrap, Modelo General Lineal (GLM) y Modelo Delta. Cada metodología estimó distintas magnitudes con tendencias similares. Las magnitudes estimadas fueron comparadas usando un ANOVA Bayesiano, la cual muestra que hubo escasa evidencia que las magnitudes estimadas del descarte por exceso de captura por metodología sean diferentes, lo mismo se presentó para el caso de la captura incidental, mientras que para el descarte de juveniles mostró que hubieron diferencias sustanciales de ser diferentes. La metodología que cumplió los supuestos y explico la mayor variabilidad de las variables modeladas fue el Modelo Delta, el cual parece ser una mejor alternativa para la estimación, debido a la alta proporción de ceros en los datos. Las estimaciones promedio del descarte por exceso de captura, descarte de juveniles y captura incidental aplicando el Modelo Delta, fueron 252 580, 41 772, 44 823 toneladas respectivamente, que en conjunto representaron el 5.74% de los desembarques. Además, con la magnitud de la estimación del descarte de juveniles, se realizó un ejercicio de proyección de biomasa bajo el escenario hipotético de no mortalidad por pesca y que los individuos juveniles descartados sólo presentaron tallas de 8 y 11 cm., en la cual se obtuvo que la biomasa que no estará disponible a la pesca está entre los 52 mil y 93 mil toneladas.

Leverage, Volatile Future Earnings Growth and Expected Stock Returns

We provide theory and evidence to complement Choi's [RFS, 2013] important new insights on the returns to equity in `value' firms. We show that higher future earnings growth ameliorates the value-reducing effect of leverage and, because the market for earnings is incomplete, reduces the earnings-risk sensitivity of the default option. Ceteris paribus, a levered firm with low (high) earnings growth is more sensitive to the first (second) of these effects thus generating higher (lower) expected returns. We demonstrate this by modeling equity as an Asian-style call option on net earnings and find significant empirical support for our hypotheses.

Accounting Earnings Announcements, Institutional Investor Concentration, and Common Stock Returns

[Excerpt] This study examines the relation between the level of institutional investor ownership and the magnitude of security price variability at quarterly earnings announcement dates. Prior research consistently documents a negative association between firm size and announcement-date return variability. One explanation for this finding is that as more timely, alternative information becomes available on large firms prior to an announcement date, their security prices become informative, thereby reducing the information content of the earnings announcement. Large firms are closely followed by institutional investors. These investors dedicate substantial resources to information search. Therefore, the link between size and information production may be attributable to the influence of institutional investors on the information production process. Because institutional trades can also affect security prices, however, the precise impact of institutional following on the variability of prices at quarterly earnings dates is not evident.

Survery and simulation of energy use in the European building stock

the work towards increased energy efficiency. In order to plan and perform effective energy renovation of the buildings, it is necessary to have adequate information on the current status of the buildings in terms of architectural features and energy needs. Unfortunately, the official statistics do not include all of the needed information for the whole building stock.   This paper aims to fill the gaps in the statistics by gathering data from studies, projects and national energy agencies, and by calibrating TRNSYS models against the existing data to complete missing energy demand data, for countries with similar climate, through simulation. The survey was limited to residential and office buildings in the EU member states (before July 2013). This work was carried out as part of the EU FP7 project iNSPiRe.   The building stock survey revealed over 70% of the residential and office floor area is concentrated in the six most populated countries. The total energy consumption in the residential sector is 14 times that of the office sector. In the residential sector, single family houses represent 60% of the heated floor area, albeit with different share in the different countries, indicating that retrofit solutions cannot be focused only on multi-family houses.   The simulation results indicate that residential buildings in central and southern European countries are not always heated to 20 °C, but are kept at a lower temperature during at least part of the day. Improving the energy performance of these houses through renovation could allow the occupants to increase the room temperature and improve their thermal comfort, even though the potential for energy savings would then be reduced.

Stock assessment of whaler and hammerhead sharks (Carcharhinidae and Sphyrnidae) in Queensland

This stock assessment provides detailed results for the most common sharks encountered by Queensland commercial fishers. These sharks come from the whaler (Carcharhinidae) and hammerhead (Sphyrnidae) families and comprise sharpnose sharks (Rhizoprionodon taylori and R. oligolinx), the milk shark (R. acutus), the creek whaler (Carcharhinus fitzroyensis), the hardnose shark (C. macloti), the spot-tail shark (C. sorrah), the Australian blacktip shark (C. tilstoni), the common blacktip shark (C. limbatus), the spinner shark (C. brevipinna), bull and pigeye sharks (C. leucas and C. amboinensis), the winghead shark (Eusphyra blochii), the scalloped hammerhead (Sphyrna lewini) and the great hammerhead (S. mokarran). Reef sharks were excluded because fishery observer data indicated that they were largely spatially segregated from sharks caught in the inshore net fisheries. The three common species of reef sharks in Queensland, which are all whaler sharks, are the grey reef shark Carcharhinus amblyrhynchos, the blacktip reef shark C. melanopterus and the whitetip reef shark Triaenodon obesus.

Desk Review of Queensland shark stock assessment for Fisheries Queensland

An independent desk review of the document entitled “Stock assessment of whaler and hammerhead sharks (Carcharhinidae and Sphyrnidae) in Queensland” commissioned by the Queensland’s Department of Agriculture and Fisheries was undertaken during January 15-February 12, 2016.

Standing stock density estimates (kg/hectare) for fish from 1969 through 70 UNDP/FAO and 1976 EAFFRO trawl surveys in the Kenya waters of Lake Victoria

A statistical comparison of standing stock density estimates (Kg/hectare) from 26 UNDP/FAO 1%9 thru 70 and 63 EAFFRO 1976 bottom trawl surveys revealed the following; 1) Statistically significant differences between mean density values at 4 of 7 depths {4-9 to 30-39 m}. 2) The 1969 thru 70 UNDP/FAO Values were higher at the 4 levels. 3) No statistically significant menn density value differences at 3 depths (40-49 to 60-69 m), but decreased values for the 1976 EAFFRO survey at 40-49 and 50-59 m depth. It was concluded from these comparisons that no capital investment should be made into a trawler industry for fish meal production in the Kenya waters of Lake Victoria until further bottom trawl surveys can be conducted to either substantiate or disapprove these differences over the six year time span.